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Major support - 135
GBPJPY is consolidating after hitting a low of 135.17. It hits a high of 135.71 and is currently trading around 135.60. The pair was in the bearish mode for the past 2-1/2 months and lost more than 1300 pips on account Brexit uncertainty and trade war tension.GBP is trading weak against all majors and lost more than 200 pips against USD. Any break below 1.2500 confirms a major weakness.
On the higher side, near term resistance is around 135.80 (23.6% fib) and any violation above will take the pair till 136.34/136.74 (300- H EMA).Major bullishness only above 137.77.
The near term support is around 135 and any indicative break below 133.90 (61.8% fib)/133.
It is good to sell on rallies around 135.75-80 with SL around 136.40 for the TP of 133.90.
